Code of Virginia § 63.2-2006 - Donations by individuals

63.2-2006. Donations by individuals.

For purposes of this section, the term "individual" means the same as thatterm is defined in 58.1-302, but excluding any individual included in thedefinition of a "business firm" as such term is defined in 63.2-2000.

A. Notwithstanding any provision of this chapter limiting eligibility for taxcredits, an individual making a monetary donation to a neighborhoodorganization approved under this chapter shall be eligible for a creditagainst taxes imposed by 58.1-320 as provided in this section.

B. Notwithstanding any provision of this chapter specifying the amount of atax credit, a tax credit issued to an individual making a monetary donationto an approved project shall be equal to 45 percent of such monetarydonation; however, tax credits shall not be issued for any monetary donationless than $500 in a taxable year and no more than $50,000 in tax credit shallbe issued to an individual or to married persons in a taxable year.

C. An individual shall be eligible for a tax credit under this section onlyto the extent that sufficient tax credits allocated to the neighborhoodorganization approved under this chapter are available.

D. The amount of credit allowed pursuant to this section, if such credit hasbeen issued by the Department, shall not exceed the tax imposed pursuant to 58.1-320 for such taxable year. Any credit not usable for the taxable yearmay be carried over for credit against the individual's income taxes untilthe earlier of (i) the full amount of the credit is used or (ii) theexpiration of the fifth taxable year after the taxable year in which the taxcredit has been issued to such individual. If an individual that is subjectto the tax limitation imposed pursuant to this subsection is allowed anothercredit pursuant to any other section of the Code of Virginia, or has a creditcarryover from a preceding taxable year, such individual shall be consideredto have first utilized any credit allowed that does not have a carryoverprovision, and then any credit that is carried forward from a precedingtaxable year, prior to the utilization of any credit allowed pursuant to thissection.

E. A tax credit shall be issued by the Commissioner to an individual onlyupon receipt of a certification made by a neighborhood organization to whomtax credits were allocated for an approved program pursuant to 63.2-2002.The certification shall identify the amount of the monetary donation receivedand the individual making the donation.

F. The tax credit allowed pursuant to this section shall be taken by theindividual only to the extent he has not claimed a deduction for such amounton his federal income tax return.

(2000, c. 946, 63.1-325.2; 2001, cc. 292, 300; 2002, cc. 563, 747; 2005, c.82.)